Hello
I bank with Lloyds and have built up debt that I am unable to pay via credit cards. One of them is Halifax. Once I make this known will they take my wages before I get chance to pay my mortgage. Many thanks
If you are thinking of entering into and IVA then the first step you should take is to open a new basic bank account (The Co Op comes highly recommended), and the. Change your essential Direct Debits and standing orders to the new account. Make sure your wages also go into the new account.
Then, when you start the process, your creditors will not be able to take unauthorised funds from you.
I hope that helps... Please post as many questions as you like and I'm sure you'll get all the help and advice you need.
I would suggest that you do open a,new account and also speak to an expert about your situation. Visit www.iva.com for a list of companies and reviews and give one or two a ring for some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Welcome to the forum....consider opening a bank account with a company you do not owe any money to....swap your salary into that account ....then arrange your standing orders and direct debits to be taken from that account......then arrange the IVA via one of the highly recommended practitioners...set a realistic income and expenditure with your IP and live life for the next 5 years knowing that at the end of the journey you will be debt free and able to start your life all over again, but this time within your means!
Good luck and keep posting on the forum - we are here to support and help you along the way !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Because Halifax is part of the Lloyds Banking Group, you are obviously worried that they might use the off set rule to dip into your Lloyds account to pay the outstanding debt. This is possible although I would not expect it to happen immediately. As the posters have said the best way to make sure your funds and mortgage payment are protected is to open a new account and start using that asap before you start defaulting on your card payments.
